Stockbroking analysts sent the local share market into the new financial year with positive momentum. For the final week of June, ending on Friday the 29th, FNArena registered 11 upgrades versus nine downgrades.
Confession season is in full swing in Australia, with Telstra and Ramsay Health Care thus far having proven there is no natural limit to negative news. With less than one full month to go before the August reporting season, investors in Australia will increasingly focus their radar on what might unfold next. This might translate into low volumes and overall reticence towards taking risk.
In the good books
AURIZON HOLDINGS LIMITED (AZJ) was upgraded to Hold from Sell by Deutsche Bank. B/H/S: 3/2/2. The investor briefing confirmed FY18 guidance and noted the various challenges facing the business in FY19 as well as highlighting further opportunities for efficiencies. Deutsche Bank upgrades fourth quarter coal volumes and adjusts longer-term expectations based on the latest Wood McKenzie production forecasts. Rating is upgraded to Hold from Sell and the target to $4.25 from $4.10.